Abu Dhabi, Hong Kong: The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) jointly announce today the exchange of a Memorandum of Understanding (MoU) to enhance collaboration on fintech between the two authorities, with a view to strengthening co-operation between the two jurisdictions in promoting innovative financial services and regulatory development.

The MoU was signed by H.E. Abdulhamid M. Saeed Alahmadi, Governor of the CBUAE and Mr Eddie Yue, Chief Executive of the HKMA.  Under the MoU, the two authorities have agreed that the CBUAE will join the multiple central bank digital currency bridge (m-CBDC Bridge) project collaboratively implemented by the HKMA, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China and the Bank for International Settlements Innovation Hub Centre in Hong Kong.

H.E. Abdulhamid M. Saeed Alahmadi, said: “We are very pleased to embark on this journey with an esteemed institution as the HKMA. CBUAE has recently completed a wholesale CBDC proof of concept project with the Saudi Central Bank to settle domestic and cross-border transactions using central bank money on a distributed ledger technology. Building on this momentum, CBUAE is very excited to be able to use the experience gained so far and participate in the m-CBDC Bridge project. The MoU will certainly set the stage for future joint experimentation of digital innovation between CBUAE and the HKMA.”

Mr. Yue, said: “The HKMA has been making considerable efforts to expand our international fintech network to include counterparts in the Middle East, and CBUAE is naturally a valuable partner of our network.  We anticipate that a lot of synergies will arise from the strengthened collaboration under the MoU, and look forward to the CBUAE’s joining of our CBDC project to enrich, and bring in new thoughts and perspectives for, the project.”

-Ends-

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.